W.G. Shaheen & Associates DBA Whitney & Co Sells 262 Shares of Bank of America Co. (NYSE:BAC)

W.G. Shaheen & Associates DBA Whitney & Co trimmed its stake in shares of Bank of America Co. (NYSE:BAC) by 1.5% during the fourth quarter, Holdings Channel reports. The firm owned 17,546 shares of the financial services provider’s stock after selling 262 shares during the period. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Bank of America were worth $771,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Collier Financial bought a new stake in Bank of America in the fourth quarter valued at $25,000. Life Planning Partners Inc boosted its stake in shares of Bank of America by 3,883.2% in the 4th quarter. Life Planning Partners Inc now owns 559,995 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 545,936 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Bank of America during the 3rd quarter worth about $29,000. Highline Wealth Partners LLC boosted its position in Bank of America by 152.7% in the fourth quarter. Highline Wealth Partners LLC now owns 844 shares of the financial services provider’s stock valued at $37,000 after buying an additional 510 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Bank of America during the fourth quarter worth approximately $42,000. 70.71% of the stock is currently owned by institutional investors.

Bank of America Price Performance

Shares of NYSE BAC opened at $44.80 on Monday. The company has a fifty day moving average price of $45.75 and a 200 day moving average price of $43.41. Bank of America Co. has a 1-year low of $33.37 and a 1-year high of $48.08. The firm has a market cap of $343.71 billion, a PE ratio of 13.91, a PEG ratio of 1.22 and a beta of 1.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.04.

Bank of America (NYSE:BAC) last released its earnings results on Thursday, January 16th. The financial services provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.12 billion. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The business’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.70 EPS. Research analysts predict that Bank of America Co. will post 3.69 earnings per share for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 7th will be paid a $0.26 dividend. The ex-dividend date is Friday, March 7th. This represents a $1.04 annualized dividend and a yield of 2.32%. Bank of America’s payout ratio is currently 32.30%.

Analysts Set New Price Targets

BAC has been the subject of a number of recent analyst reports. Oppenheimer raised their price target on Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. UBS Group upgraded shares of Bank of America from a “neutral” rating to a “buy” rating and upped their price target for the stock from $43.00 to $53.00 in a research report on Tuesday, January 7th. Morgan Stanley upped their target price on shares of Bank of America from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, January 17th. Truist Financial raised their price target on shares of Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bank of America currently has a consensus rating of “Moderate Buy” and an average price target of $48.58.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.